Off Topic: What's one of your favorite books on trading that you think influenced you the most / a lot? I'm heading to the book store in a minute for some reading on a flight coming up.
as far as books are concerned, there are several. The ones by William O'Neil are great. (How to make Money Sellign Stocks Short, The Successful Investor, How to Make Money in Stocks, 24 Essential Lessons for Investment Success)
Oh course I really like the "fairy tale" stock books such as Reminiscences of a Stock Operator, Nicholas Darvas's How I made $2 Million in the Stock Market.
Then there are others by Jon Boik (Lessons from the Greatest Stock Traders of All Time)
Jack Schwager (Stock Market Wizards series)
Richard Love's Superperformance Stocks (good luck finding this one as it is hard to find).
High Probability Trading by Marcel Link
and Mark Bouchers Book, the Hedge Fund Edge (i believe thats the title.)
Even the book Blink! by Malcom Gladwell taught me the importance of intuition and making split second decisions.
And of course I also learned alot by making mistakes and going back and learning why I made them and what I could do next time. I a lso learned that in order to find today's next winners, you have to go back and examine the past winners and learn their set ups and take note of the market conditions that were present during that past period of time. Also pay attention to the catalyst that made those past winners start their big move. Hope this helps. Good luck book hunting!
no problem, Chad. Reminiscence is a great book. I can't blame you on HPJ. I am still holding most of my position. I'll be happy if it continues to show a bit of strength...for now..
I am wondering how much of an effect Galleon's insider trading scandal is having on the market and individual stocks. I heard the firm is busy liquidating its positions. One of them is XRTX and is has taken a deep hit because of the news. I wonder what other stocks were effected....
Good observation. I heard this morning that his fund was "unwinding" it's positions to return investors' money.
It was an ugly close. I'm still annalyzing my trades today. If HPJ makes a break, I'll get back in, but it was giving me a headache. I took the trade in CHIP also, but it turned on me today. I'm watching to see how it opens tomorrow. That was quite a breakout for it today though!
yes, CHIP had a nice opening but it seemed as though traders were unwinding it in order to cash in the profits. Breakout pivots like those usually work but with the market looking for a reflex dip, it went against us. I am sure that this negative action will continue tomorrow. Unfortunately, the VIX has more room to the upside before it hits resistance. As i was saying, analyze your positions, not the market. You can have positions that are doing fine because of strong accumulation even if the market is tanking.
MDF...you're a braver man than me! That price action looks wild.
ReplyDeleteOCLR looks tempting if that pivot pans out.
ReplyDeleteTook a small position in MDF. Will add more if it continues to shape up. I like the vol.
ReplyDeleteOCLR has been on the radar for a while. Will also jump in if it improves...
Market seems to be coming off its lows...
ReplyDeleteOff Topic: What's one of your favorite books on trading that you think influenced you the most / a lot? I'm heading to the book store in a minute for some reading on a flight coming up.
ReplyDelete-Chad.
BUCY played really well today.
ReplyDeleteas far as books are concerned, there are several. The ones by William O'Neil are great. (How to make Money Sellign Stocks Short, The Successful Investor, How to Make Money in Stocks, 24 Essential Lessons for Investment Success)
ReplyDeleteOh course I really like the "fairy tale" stock books such as Reminiscences of a Stock Operator, Nicholas Darvas's How I made $2 Million in the Stock Market.
Then there are others by Jon Boik (Lessons from the Greatest Stock Traders of All Time)
Jack Schwager (Stock Market Wizards series)
Richard Love's Superperformance Stocks (good luck finding this one as it is hard to find).
High Probability Trading by Marcel Link
and Mark Bouchers Book, the Hedge Fund Edge (i believe thats the title.)
Even the book Blink! by Malcom Gladwell taught me the importance of intuition and making split second decisions.
And of course I also learned alot by making mistakes and going back and learning why I made them and what I could do next time. I a lso learned that in order to find today's next winners, you have to go back and examine the past winners and learn their set ups and take note of the market conditions that were present during that past period of time. Also pay attention to the catalyst that made those past winners start their big move. Hope this helps. Good luck book hunting!
Thanks!
ReplyDeleteCHIP is bouncing up from extremely oversold conditions...
ReplyDeleteCHIP, in at 2.59 for short term trade...small pos.
ReplyDeleteGaming/Casino stocks such as
ReplyDeleteLVS, MGAM and SHFL also at good buy points.
Online Travel Site Co's doing good
ReplyDeleteEXPE, OWW
HILL's setting up. I like OWW; I've been watching it since you threw it up a few days ago.
ReplyDeleteI'm dumping HPJ. Can't get a bead on it, and the attempted gain on low volume is freaking me out.
Reminiscences of a Stock Operator sucked me in right away, btw! Thanks!
ReplyDeleteno problem, Chad. Reminiscence is a great book. I can't blame you on HPJ. I am still holding most of my position. I'll be happy if it continues to show a bit of strength...for now..
ReplyDeleteSIHI is another hi-flier from China...
ReplyDeleteDAN is good to go...
ReplyDeleteNasty close...Im surprised that HPJ closed rather well.
ReplyDeleteI am wondering how much of an effect Galleon's insider trading scandal is having on the market and individual stocks. I heard the firm is busy liquidating its positions. One of them is XRTX and is has taken a deep hit because of the news. I wonder what other stocks were effected....
ReplyDeleteGood observation. I heard this morning that his fund was "unwinding" it's positions to return investors' money.
ReplyDeleteIt was an ugly close. I'm still annalyzing my trades today. If HPJ makes a break, I'll get back in, but it was giving me a headache. I took the trade in CHIP also, but it turned on me today. I'm watching to see how it opens tomorrow. That was quite a breakout for it today though!
yes, CHIP had a nice opening but it seemed as though traders were unwinding it in order to cash in the profits. Breakout pivots like those usually work but with the market looking for a reflex dip, it went against us. I am sure that this negative action will continue tomorrow. Unfortunately, the VIX has more room to the upside before it hits resistance. As i was saying, analyze your positions, not the market. You can have positions that are doing fine because of strong accumulation even if the market is tanking.
ReplyDeleteCHIP is a 100% sell if it closes below 2.00 (heavy vol or not).
ReplyDelete